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20091101
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of jobs in america. where are we, where are we going, and more importantly, how do you find a job if you're out of work? >> at the end of 2007 when the recession began, the unemployment rate was below 5%. for those 7 million jobs we've lost since, how long will it take to get those jobs back? >> well, with us for the hour, chrystia freeland, the managing editor of the "financial times" here in the u.s., and rutgers professor, bill rogers, former chief economist with the department of labor. welcome to both of you. thank you for being here. bill, you have been poring through the numbers. it's bad. we all know it's bad. double-digit unemployment. i think what most people need to know is where is the trend? where is it going? >> most private sector forecasters are looking at over the next few years, we're going to still be at 9% to 10%. there is the congressional budget office led by doug elmendorf they are willing to take that risk and they recognize there's a bigger error going out and it's going to take us a while to get back to full employment to recover the 7 million jobs. plus the 3 m
critical for america and her banker it is to work together to battle the global >> as president hu indicated we recession. discussed what is required to sustain this economic recovery so that economic growth is followed by the creation of new jobs and a lasting prosperity. so far china's partnership has proved critical in our effort to pull ourselves out of the worst recession in generations. >> now, china went into an economic tailspin after the united states and it recovered before the united states. it's ready to outpace the u.s. in economic growth, again, this year. what is china doing that we're not that we can do better? let's have this conversation with the chief economist diane swank and anchor of qwest means business on cnn international. richard, let's start with you. the international perspective first. let's answer that basic question. things have got to change in order for the world to recover. in the way china does things and the way america does things. are we headed towards that change? >> no, i don't think we are any time soon because what you're talking about is f
for the world to recover. in the way china does things and the way america does things. are we headed towards that change? >> no, i don't think we are any time soon because what you're talking about is fundamental structural reform and the best that the president came home with is a deeper understanding where these two countries can play out against each other. they both need each other. i think there's a common mistake of fallacy out there that somehow america goes on its hands and knees and china buys the treasury bonds and that's all there is to it. it's much deeper and much more complicated and in many ways much more equal than the critics would have you believe, but, substantially, the long-term economic growth sustainable in both countries. americans have to save more and china has to spend more because, ultimately, a china that plays its role as consumers is what everybody needs. >> diane, this is that global rebalancing. we've heard the treasury secretary talk about it and the president talk about it and it means that the united states can't be the consumer engine for the rest of the
Search Results 0 to 3 of about 4 (some duplicates have been removed)